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SEC Filings
SUSSER HOLDINGS CORP filed this Form S-4/A on 08/16/2016
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Index to Financial Statements



(in thousands, except unit and volume data)



The Company was managed as one business with a single management team until December 31, 2014 and did not prepare discrete financial information for any of its products or services, and accordingly, did not have any separately reportable segments. On January 1, 2015, the Company created its logistics business segment when the North Yard terminal was contributed to Logistics. In connection with this contribution, Logistics and Refining entered into a long-term, take-or-pay commercial agreement with minimum volume commitments and related services and secondment and easement agreements. Accordingly, as of January 1, 2015, the Company conducts its operations through two business segments, refining and logistics, which are operated by Refining and Logistics, respectively. The Company’s refining segment includes the operations of its Philadelphia refining complex. The refining segment produces unbranded transportation fuels, heating oil, petrochemical feedstocks and other petroleum products. The refining segment purchases predominantly light, sweet crude oil, other feedstocks and blending components from various third-party suppliers and sells products primarily in the northeastern United States. The logistics segment owns and operates the North Yard terminal, the East Coast’s largest crude oil rail unloading terminal, located adjacent to the Philadelphia refining complex. It provides rail unloading services to the refining segment under the long-term contract described above. Prior to January 1, 2015, Logistics’ assets were operated within the refining operations and did not generate revenue, therefore, they were not considered to be a separate reportable segment.

The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. Activities of the Company’s business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments.

The following table presents segment data:


     Year Ended December 31, 2015  
     Refining     Logistics     Corporate      Eliminations     Total  


   $ 8,626,170      $ 118,929      $ 8,543       $ (127,472   $ 8,626,170   

Depreciation and amortization

     51,848        3,596        —           —          55,444   

Operating income

     73,973        90,644        —           —          164,617   

Interest (expense) income, net

     (49,845     (565     21         —          (50,389

Other income

     228        —          —           —          228   

Income before income tax expense

     24,356        90,079        21         —          114,456   


(1) Revenues for Logistics and Corporate segments represent intersegment revenues.

The following table presents total assets and capital expenditures by segment:


     December 31, 2015  
     Refining      Logistics      Corporate      Eliminations     Total  

Total assets

   $ 1,669,173       $ 108,856       $ 6,998       $ (20,519   $ 1,764,508   

Capital expenditures

     187,397         —           —           —          187,397   



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